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ECO 401 LEC 01 ECONOMIS is social sc not a natural sc wat da dif social sc we dont have the controlled environment.

Socil sc include human behavior where we cant depict . Positive statements . normative statements. Defination of eco. We the people.. production .consumtion .distribution. Household, firm, Factors of production. Are limited Land. Is limited Labour. Limited Capital. Any thing that facilitate the factors of production are limited. Enterprunership. Managerial abilty of the owner brings to frim The main problem of eco is scarcity . Rationing. Eco sys Dictorship. Pak mixed eco. Command /planed eco. Free market/capilist eco. Islamic eco.

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